06:29 AM EST, 11/18/2024 (MT Newswires) -- Westgold Resources ( WGXRF ) , which rose 2.9% on Friday, over the weekend announced a mineral resource estimate update (MRE) for the Bluebird-South Junction mining complex within its Murchison business at Meekatharra.

Among highlights, it said the Bluebird-South Junction MRE grew to 15Mt at 2.9g/t Au for 1.4Moz, a 37% increase; and its drilling program was extended; with Polar Star access being accelerated.

Westgold Managing Director and CEO Wayne Bramwell in a statement said: "With 1.4Moz in resource and growing Bluebird-South Junction has now confirmed its status as the key growth driver in Westgold's Murchison business.

"In under 18 months, the team has moved a simple uphole bench mine producing at 40kt a month, towards a 110kt a month mine with a highly efficient transverse primary/secondary mining sequence. This transition is built upon continued investment in drilling delivering a 240% increase in the Mineral Resource base."

Westgold said the "significant upgrade" in both total Mineral Resource and the Measured and Indicated component of the Mineral Resource Estimate has enabled mining studies to advance, and the company anticipate an increase in the associated Ore Reserve over and above the currently reported 277koz. "This increase is expected to be delivered during H2, FY25."

The company added: "In FY25 Westgold has unleashed the drills. In the Southern Goldfields preliminary works to support a seventh underground drill rig at Beta Hunt are underway, and the first resource development drilling program under Westgold ownership has commenced at the Lake Cowan project at Higginsville, with a view to providing a new source of feed to the Higginsville mill."

WGX was up $0.07 or 2.9% at $2.46 on the TSX, Friday